Investor Information

Investor Information

Introduction: NOTICE TO READERS

Terms of Use:  Use of this section of the Arizona Department of Transportation (ADOT) web site constitutes acknowledgment and acceptance of the following terms and conditions – please read them carefully. Then use the link below to accept the terms and proceed.

 I have read and agree to the Terms of Use for this section.
  

Before proceeding to Investor Information, please acknowledge the Terms of Use by clicking "Agree" above.

This section of the Arizona Department of Transportation’s (“ADOT”) web site provides certain limited general and financial information about ADOT and certain of its programs, as well as information about outstanding bonds, notes or other obligations of the State Transportation Board (“STB”). The information is provided for quick reference only. It is not a summary or a compilation of all information relevant to any particular financial transactions, bonds, notes or other obligations.  It does not purport to include every item that may be relevant, nor does it purport to present full and fair disclosure with respect to any financial transactions, bonds, notes or other obligations related to ADOT or the STB within the meaning of applicable securities laws and regulations.

The information presented on this section of ADOT’s web site speaks only as of the date it was posted or, if such information is dated, as of its dated date. Developments may occur after the dated date or posted date of such information that could render it inaccurate or unreliable. The documents are as of the document date and should be considered historical in nature. The information and expressions of opinion herein are subject to change without notice. ADOT does not continuously update materials posted on this section of this web site. The posting of information on this web site does not imply that there has been no change in the affairs of ADOT since the date of the information or the document.

All information on this section of ADOT’s web site has been obtained by ADOT from sources believed to be reliable but no representation or warranty is made by ADOT as to its accuracy or completeness. Neither ADOT, nor the STB, nor their officers or employees guarantee the accuracy of any such information and have no responsibility to verify any of that information. Links to other portions of ADOT’s web site, or to web sites of other entities, are also provided for convenience only. ADOT does not endorse or adopt these other sites, their sponsors, or any of the information, policies, activities, products, or services offered on these other web sites or by any advertiser on these sites. ADOT has not participated in the compilation, or selection of information on any other web site, and assumes no responsibility or liability for the contents thereof.

Documents in this section of ADOT’s web site are generally provided in PDF file format, requiring Adobe Acrobat to view.

THIS IS NOT AN OFFER TO SELL BONDS.  Information on this section of ADOT’s web site is not an offer to sell bonds, notes or other obligations of the STB or the solicitation of an offer to buy such securities of the STB, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Viewers acknowledge that: (1) ADOT and the STB are not now, by this section of ADOT’s web site and the information shown herein, offering any bonds, notes or other obligations, nor soliciting an offer to buy any such securities; (2) this section of ADOT’s web site and the information herein shall not be construed as any description of the STB or ADOT, or their revenue or financial data or programs, in conjunction with any offering or sale of bonds, notes or other obligations; (3) the information on this subsection of ADOT’s web site is subject to change without notice, and no one shall assume from the availability of this site and the information herein that the affairs, financial or otherwise, of the STB, ADOT, their programs and/or their financial or revenue data have not changed since the date of this information; (4) no representation is made as to the propriety or legality of any secondary market trading of the bonds, notes or other obligations of the STB or ADOT by anyone in any jurisdiction; and (5) the information on this section of ADOT’s web site speaks as of its date or the date of the information provided, as applicable, and neither the STB nor ADOT hereby obligate themselves in any manner to periodically or otherwise update this information or to maintain the availability of this information.

Disclaimer of Liability. Neither the STB, nor ADOT, nor any of their programs, divisions, officials or employees, shall be held liable for any use of the information described and/or contained in this section, or any other section, of ADOT’s web site. In no event shall the STB, nor ADOT, nor any of their programs, divisions, officials or employees be liable for any direct, indirect, incidental, special, exemplary or consequential damages, however caused and on any theory of liability, whether in contract, strict liability or tort (including negligence or otherwise) arising in any way out of the use of this section, or any other section, of ADOT’s web site, even if advised of the possibility of such damage. This disclaimer of liability applies to any and all damages and injuries, including, but not limited to those caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, language translation, computer virus, communication line failure, theft, destruction or unauthorized access to, alteration of, or use of any record, whether for breach of contract, tortious behavior, negligence or under any other cause of action. This disclaimer applies to both isolated and aggregate uses of the information in this section, or any other section, of ADOT’s web site.

Choice of Law.  Construction of the disclaimers above and resolution of disputes regarding such disclaimers are governed by the laws of the State of Arizona. The laws of the State of Arizona shall apply to all uses of this section, or any other section, of ADOT’s web site and the information contained herein.

Viewer Acknowledgement and Agreement.  The viewer acknowledges and agrees that the information provided on this section, or any other section, of ADOT’s web site is provided by ADOT for convenience. By viewing this section of ADOT’s web site and the information contained herein, the viewer acknowledges and agrees that any use of this section of ADOT’s web site and information contained herein shall conform to all applicable laws and regulations and that the viewer shall not violate the rights of any third parties and agrees to all of the terms, conditions and provisions set forth above under "INTRODUCTION: NOTICE TO READERS," including "THIS IS NOT AN OFFER TO SELL BONDS," “Disclaimer of Liability” and "Choice of Law." 

NOTE: The links above to other sections of the ADOT website are provided for convenience only. No information on other sections of ADOT website is incorporated into this section, or "Investor Information."


Outstanding Debt and Long-Term Obligations

The information provided herein is for quick reference only. It is not a summary or a compilation of all information relevant to any particular financial transactions, bonds, notes or other obligations. It does not purport to include every item that may be relevant, nor does it purport to present full and fair disclosures with respect to any financial transactions, bonds, notes or other obligations related to ADOT or the STB within the meaning of applicable securities laws and regulations. Investment decisions should be made only after full review of the Official Statement for the applicable bonds or notes and other relevant matters in connection with a particular bond or note issue.

Program descriptions contained in this section, or any other section, of ADOT's website may not yet reflect changes made in federal or state laws, rules or regulations.

The links below provide information about the STB's outstanding bonds and notes. All information is presented as of the date it was posted or, if the information is dated, as of the dated date.

Highway Revenue Bonds

The State Transportation Board (STB) has issued Senior and Subordinate Lien Highway Revenue (HURF) Bonds to provide funds for acquisition of right-of-way, design, and construction of federal and state highways in the STB’s Five-Year Transportation Facilities Construction program. HURF Bonds have also been issued by the STB to refund or refinance previously issued HURF Bonds to realize debt service savings. HURF Bonds are secured by a senior or subordinate lien on and a pledge of motor vehicle and related fuel fees and taxes in the State Highway Fund as prescribed in Arizona law.

For a listing of CUSIP numbers for HURF Bonds, please refer to the Official Statement for each respective bond issue.

  • Series 2023
  • Series 2020
  • Series 2016

Transportation Excise Tax Revenue Bond Issues

The State Transportation Board (STB) has issued Transportation Excise Tax Revenue Bonds to fund the costs of design, right-of-way purchase, or construction of certain freeways and other routes within Maricopa County, Arizona. The bonds are secured by a portion of transportation excise taxes collected by the Arizona Department of Revenue on behalf of Maricopa County.

For a listing of CUSIP numbers for Transportation Excise Tax Revenue Bonds, please refer to the Official Statement for each respective bond issue.

  • Series 2021 (Direct Bank Borrowing)
  • Series 2018
  • Series 2016
  • Series 2014

Grant Anticipation Notes (GAN) (or GARVEE Bonds)

The State Transportation Board has issued Grant Anticipation Notes (GAN) to pay the costs of design, right-of-way purchase, or construction of certain federal-aid highways within Arizona. The Notes are secured by revenues received from the Federal Highway Administration under certain grant agreements and by certain other federal-aid revenues.

For a listing of CUSIP numbers for GANs, please refer to the Official Statement for each respective GAN issue.

  • Series 2019A
  • Series 2017A
  • Series 2016

Official Statements

The Official Statements of certain bond and note offerings of the State Transportation Board (STB) are listed below by series.

THIS IS NOT AN OFFER TO SELL BONDS. Information on this site is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Any secondary market continuing disclosure can be obtained at the Electronic Municipal Market Access (EMMA) website of the Municipal Securities Review Board (MSRB) or from the Secondary Market Continuing Disclosure subsection of this website.

The links to the official statements below will redirect you to another server. ADOT does not endorse or adopt this website, its sponsor, or any of the policies, activities, products, or services offered on the site or by any advertiser on the site. Neither the STB nor ADOT have participated in the compilation or selection of information on any other website, and assume no responsibility or liability for the contents thereof.

Highway User Revenue (HURF) Bond Official Statements

Transportation Excise Tax Revenue (RARF) Bond Official Statements

Grant Anticipation Notes (GAN) Official Statements

Ratings

The State Transportation Board's (STB) debt has received ratings from three municipal bond rating agencies as noted in the table below. An explanation of the significance of the respective ratings may be obtained from the respective rating agencies.

The assigned ratings reflect only the views of such rating agencies in evaluating various elements of the STB's bonds and notes. No assurance is made that any rating will be retained for any given period of time, will not be revised, or will not be withdrawn entirely by one or more rating agencies. Neither the STB nor ADOT have any responsibility to update this section of ADOT’s website to reflect any revision or withdrawal of the ratings.

Type of Bonds Rating Agency
Fitch Moody's Standard & Poor's
HURF(Senior Lien) – Aa1 AA+
RARF Bonds – Aa1 AA+
Grant Anticipation Notes (GARVEE Bonds) AA+ Aa2 AA+
 

Ratings information should be considered historical in nature. Neither the STB nor ADOT undertake to update information provided herein. The information and expressions of opinion in each rating are subject to change by the corresponding rating agency without notice. The posting of information on this web site does not imply that there has been no change in the ratings or affairs of the STB or ADOT since any of the above ratings were assigned by the corresponding rating agency.

Secondary Market Continuing Disclosures

This subsection of ADOT's website contains secondary market continuing annual disclosure documents, and material event, voluntary information filings or other announcements by ADOT concerning the STB or bonds, notes, or other obligations that have been issued by the STB.

Official Statements for the original offerings by the STB of its bonds or notes can be viewed in the Official Statements subsection of this website.

Any continuing disclosure filing made prior to July 1, 2009, can be obtained at the Electronic Municipal Market Access (EMMA) website of the Municipal Securities Review Board (MSRB).

Annual Reporting

The documents accessible through the links below were filed pursuant to continuing disclosure undertakings of the State Transportation Board (STB) and ADOT for state fiscal years 2009 and later. Subject to certain exceptions, the information is required to be filled annually on or before Feb. 1 of each year.

Documents listed herein are as of the document date and should be considered historical in nature. Continuing disclosure filings made prior to July 1, 2009, can be obtained at the Electronic Municipal Market Access (EMMA) website of the Municipal Securities Review Board (MSRB). ADOT does not undertake to update information provided herein. The information and expressions of opinion herein are subject to change without notice and the posting of information on this website does not imply that there has been no change in the affairs of the STB or ADOT since the date of the document.

Highway User Revenue Fund (HURF) Bonds

Regional Area Road Fund (RARF) Bonds

Grant Anticipation Notes (GAN)

Material Event Notices, Voluntary Information or Announcements

IRMA Representation Notice

Independent Registered Municipal Advisor Representation Notice
Effective Sept. 15, 2024 - Sept. 15, 2029